Shanghai RAAS(SZ:002252) China Post Securities·2024-05-08 01:02Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the coming months [8]. Core Insights - The company achieved a revenue of 7.964 billion yuan in 2023, representing a year-on-year growth of 21.27%. However, the net profit attributable to shareholders decreased by 5.35% to 1.779 billion yuan [5][9]. - In Q1 2024, the company reported a revenue of 2.056 billion yuan, slightly down by 0.33%, while the net profit attributable to shareholders increased by 5.32% to 757 million yuan [5][6]. - The company has seen a steady increase in plasma collection, exceeding 1,500 tons in 2023, and has added three new plasma stations, enhancing its operational capacity [7]. Financial Performance Summary - Revenue: 2023 revenue was 7.964 billion yuan, with projections of 8.684 billion yuan for 2024, reflecting a growth rate of 9.04% [9][10]. - Net Profit: The net profit for 2023 was 1.779 billion yuan, with expected increases to 2.294 billion yuan in 2024, marking a growth rate of 28.90% [9][10]. - Earnings Per Share (EPS): EPS is projected to rise from 0.27 yuan in 2023 to 0.35 yuan in 2024 [9][10]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 26.81 in 2023 to 20.80 in 2024, indicating a more attractive valuation over time [9][10]. Business Development - The company has extended its exclusive agency agreement for albumin products with a partner for an additional ten years, which is expected to stabilize and enhance revenue from agency operations [7]. - The average plasma collection per station is currently 36-37 tons, indicating potential for further growth as new stations come online [7].